Overview: Privacy Law Activity in 2022-2023
Current State of US data Privacy Law
US States Are adopting Privacy Laws
Recently there has been an uptick in the number of US states that are adopting data privacy standards. Many of these new privacy standards are very similar, if not entirely modeled after, the GDPR standards that have already been adopted in the EU. They do however vary widely from state to state, creating a constantly shifting landscape of regulations and data privacy compliance standards.
Data Privacy Law Suits
The time has finally come, after years of pushing back deadlines and negotiating global data sharing agreements, US Data Privacy laws and GDPR are about to take center stage in 2023.
Failure to adapt quickly to the constantly changing data privacy landscape can lead to large financial implications. Some of the most expensive data privacy related lawsuits to date include:
It is reasonable to expect the velocity of data privacy lawsuits in the US to mirror those of the EU as GDPR came into effect.
BELOW: The blue line below shows the velocity of fines awarded from GDPR lawsuits has a fairly constant velocity, which means it isn’t slowing down. It would be reasonable to expect a similar uptick in the US as states adopt similar laws. The green line below shows the total value of fines assigned for GDPR violations, over €2.75 billion to date.
On The Horizon
In addition to GDPR, new US Privacy Laws and FTC rules necessitate monitoring on a state-by-state basis. A “once-and-done” plan for data governance is not a viable business strategy. Regular reviews, policy updates, and platform monitoring are required to keep abreast of new regulations and get ahead of potential issues before they occur.
2023 is the year to get ahead of the coming liability-curve with a robust data security and privacy posture.
About Global DataOps
Rapidly changing US and GDPR Privacy Laws require regular data security and privacy posture assessment and related policy, operations & technology updates.
Global DataOps seamlessly integrates technology, operational, and legal compliance solutions to mitigate risk, and stay ahead of approaching security and privacy requirements before they can become issues.